Spot Copper Price Movement (2013-11-28)

SHANGHAI, Nov. 28 (SMM) – Spot copper in Shanghai was quoted at a discount of RMB 0-30/mt and a premium of RMB 0-30/mt over SHFE 1312 copper contract on Thursday. Traded prices were RMB 50,720-50,780/mt for standard-quality copper, and RMB 50,740-50,820/mt for high-quality copper. Tight supply allowed holders of standard-quality copper to offer at a smaller discount over SHFE current-month copper contracts. Traders went bargain hunting, while downstream producers stayed out of the market against cash squeeze.